Stocks, oil routed as recession fears mount
KUALA LUMPUR: Malaysian equities tumbled along with crude oil prices amid rising fears of a recession as investors prepared for US inflation data scheduled to be released later today.
At 9.05am, the FBM KLCI had fallen 7.68 points to 1,481.4. There were 167 decliners compared with 71 gainers.
Trading volume was 155.87 million shares valued at RM50.27mil.
Brent crude oil prices fell to their lowest close in three months at US$99.49 a barrel last night as renewed Covid lockdowns in China and rising interest rates dampened demand prospects for the commodity.,
Malaysian blue chips were a sea of red amid the mounting headwinds with PETRONAS Chemicals leading the decline.
The petrochemicals producer shed 15 sen to RM8.12, in line with the country's energy benchmark, which dropped 2.27%.
Meanwhile, aluminium manufacturer Press Metal dropped nine sen to RM4.05 while plantation players Sime Darby Plantation, IOI and Kuala Lumpur Kepong were also down on a declining demand outlook.
In financial services, Maybank dropped four sen to RM8.61, Public Bank lost three sen to RM4.37, CIMB dipped two sen to RM5.10 and Hong Leong Bank shed eight sen to RM20.10.
Top actives included market debutant Infotec up 1.5 sen to 33.5 sen, Metronic down 1.5 sen to 6.5 sen and Reach Energy slipping 0.5 sen to 3.5 sen.